Global lithium ion battery market is expected to be driven by growing demand for smart devices and other consumer electronic products in next 10 years

The global lithium ion battery market revenue is expected to register a moderate CAGR over the forecast period. Increasing demand for portable devices including mobiles, and tablets coupled with favorable government initiatives to manufacture electric vehicles is expected to support growth of the market over the forecast period.

The global lithium ion battery market report has been segmented on the basis of product type, application, and region.

On the basis of application, the global lithium ion battery market is segmented based on consumer electronics, automotive, energy storage systems, industrial, and others. The electronics segment contributes major revenue share of the market and is expected to maintain its dominance over the forecast period.

On the basis of region, the global market is segmented based on North America, Europe, Latin America, Asia Pacific and Middle East and Africa. North America is expected to register a significant growth rate over the forecast period. Increasing demand for electric vehicles and smart phones in North America is major factor expected to drive growth of market over the forecast period. Market in Asia Pacific is expected to account for major revenue share of market and maintain its dominance over the forecast period. Countries like China, Japan, and India is expected to support growth of the market in the region.